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Conveyancing: Practice and Procedure.

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Introduction

Conveyancing: Practice and Procedure Conveyancing matters are usually sales, purchases, or simultaneous sales and purchases. Where there is a simultaneous sale and purchase we would most strongly advise you to instruct a solicitor. This is because if all the procedures are not carried out correctly someone could be left without a roof over their head in which case, if it is due to some fault of yours, you could be held responsible for damages. The following is a brief outline of the process of conveyancing in the case of a purchase and of a sale, as a solicitor would carry them out. It will give you an insight into what is involved if you were to attempt to do it yourself, and in the case of your instructing a solicitor, it will at least give you some idea of what your solicitor is supposed to be doing for you. Purchasing a Property It is important to bear in mind that there are two distinct stages in buying a property: (1) Exchange of Contracts. This is where both parties have agreed to the transaction, and the terms of it, and they have signed and exchanged contract documents. Once this has been done both parties are committed to the transaction and will be liable for penalties in the event of their non-performance of the contractual terms. ...read more.

Middle

Certain areas were made into areas of compulsory registration and any transactions in those areas would have to be registered with the Land Registry for that area. Once a property is registered with the Land Registry the Land Registry will issue a Land Certificate to the owner and that will be sufficient proof of ownership. In the event of there being a charge or mortgage on the property, that will be registered on the charges register and a charge certificate will be issued to the mortgagee, usually a Bank or Building Society, which will hold it as security for their loan. The office copies sent by the vendor's solicitor to the purchasers are up to date copies of the register relating to that particular property. This makes the conveyancing process very simple in comparison to the old method where purchasers had to deduce title by looking at title deeds. With registered land the land registry guarantees the title. There is still some unregistered property and different conveyancing procedures have to be used when purchasing such a property. In such cases it is essential that a solicitor be employed, as unregistered conveyancing can be very complex. (2) Draft contract in duplicate. The vendor's solicitor prepares the contract of sale, which contains a description of the property, including its registered title number, details of the price and deposit to be paid. ...read more.

Conclusion

within the last five years and planning permission was not obtained, the local council could insist that it be pulled down, or you could have to submit a planning application yourself. In areas where there has been mining a prudent solicitor will carry out a Coal Board Search to establish whether there has been any mining carried out under the property, as this may have caused subsidence. It will also show if a claim has been made against the coal board in respect of the property for damage caused as a result of subsidence. If there has been a claim you will need to establish whether any compensation paid was used to repair the property, because no further claims can be made. Once the purchasers solicitor has received all the above and he is satisfied that there are no problems with the property, or the title to the property, he will be in a position to exchange contracts. If the purchaser is having a mortgage to assist with the purchase of the property he will need an irrevocable offer of mortgage from the Bank or Building Society. The purchaser's solicitor will in such cases be working on the mortgagee's behalf as well as the purchasers as he will have to protect the mortgagee's interests by thoroughly investigating the title, and making sure their interest in the property is registered at the land registry. ...read more.

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